APAC IPOs & Placements

Zhen Zhou, Toh

IPOs and Placements coverage across Asia Pacific

Aequitas Research

We cover all listing across the Asia Pacific along with follow-up placements. As of Dec 2020, our team had covered 539 IPOs with a hit rate of 73.5% and 685 placements with a hit rate of 66.8%.

We combine fundamental bottom-up views with our proprietary quantitative framework to provide a holistic coverage across new listings and placements. Our coverage includes pre-IPO notes before the deal is launched, follow-up analysis once the deal is live and post-listing trading analysis as well.

Equity Capital Markets

Futu Holdings Ltd / Equity Capital Markets

Aequitas Research puts out a weekly update on the deals that have been covered by Smartkarma Insight Providers recently, along with updates for upcoming IPOs.
ECM activity seems to be picking up as we get more information on upcoming large IPOs in Hong Kong and the US. 
Starting with Hong Kong, there are a handful of small ongoing IPOs such as Yincheng International Holdings (1902 HK), China Risun (1907 HK), and Zhejiang New Century Hotel Management Group (1158 HK). Yincheng, a small and highly levered property developer, will list next week on the 7th of March. 
But, the upcoming IPOs are the ones that seem to be more exciting with the HKEX filing of ESR Cayman's draft prospectus. The company is a logistics real estate developer backed by Warburg Pincus and was said to be seeking US$1.5bn in its IPO. There are also Global Switch and OneConnect which seemed to be one step closer to their IPO.
In the US, we are finally getting approvals after the government shutdown starting with the Tencent-backed Futu Holdings Ltd (FHL US) launching its IPO and it will be listing on the 8th of March.
Jumping on the broker IPO bandwagon, Jim Rogers-backed Up Fintech (TIGR US) has also filed with the SEC. Sumeet Singh had already compared the two companies in his note, Futu Holdings IPO Quick Note - Comparison with Tiger Brokers - Same Market, Different Economics.
There are also news reports that Luckin Coffee, a Starbucks competitor in China, has already tapped three banks for its US IPO.
Accuracy Rate:Our overall accuracy rate is 72.2% for IPOs and 63.7% for Placements (Performance measurement criteria is explained at the end of the note)New IPO filings  
ESR Cayman (Hong Kong, ~US$1.5bn)
Jinshang Bank (Hong Kong, ~US$500m)
China Everbright Water (Hong Kong, &gt;US$100m, dual-listing)
Up Fintech/Tiger Brokers (the US, &gt;US$100m)
Below is a snippet of our IPO tool showing upcoming events for the next week. The IPO tool is designed to provide readers with timely information on all IPO related events (Book open/closing, listing, initiation, lock-up expiry, etc) for all the deals that we have worked on. You can access the tool here or through the tools menu.Source: Aequitas Research, SmartkarmaNews on Upcoming IPOs  
Global Switch Picks Banks for Over $1 Billion IPO
Warburg Pincus-backed ESR files for Hong Kong IPO of up to $1.5 billion
Ping An plans IPO of fintech unit in HK at $1.35b
Starbucks' China rival Luckin Coffee taps 3 banks for US IPO
Smartkarma Community's this week Analysis on Upcoming IPO  
Up Fintech (Tiger Brokers) Pre-IPO Quick Note - Much Too Reliant on IBKR
Futu Holdings IPO Quick Note - Comparison with Tiger Brokers - Same Market, Different Economics
China Risun (中国旭阳) IPO Quick Note: Past the Peak of Coking Cycle
Futu Holdings IPO - Given the Team, Execution, and Backers, Might Be Worth a Look at the Low-End
China Tobacco Intl (HK) IPO: Proxy For the Chinese Cigarette Consumption
New Century Hotel (浙江開元酒店) IPO Review - Higher ADR and RevPAR than Peers but Margins Fall Short
Futu Holdings Pre-IPO - FY18 Updates And Quick Thoughts on Valuation
Yincheng Intl (银城国际) IPO Quick Note: A Highly Levered Nanjing Developer Bet


Name
Insight

Hong Kong

AB Inbev
Ab InBev Asia Pre-IPO - A Brief History of the Asia Pacific Operations - Eeking Out Growth in China


Ascentage
Ascentage Pharma (亚盛医药) IPO: Too Early for an IPO


Ant Financial
Ant Financial IPO Early Thought: Understand Fintech Empire, Growth &amp; Risk Factors


Bitmain
Bitmain IPO Preview: The Last Hurrah Before Reality Bites


Bitmain
Bitmain IPO Preview (Part 2) - King of Cryptocurrency Mining Rigs but Its Moat Is Shrinking


Bitmain
Bitmain: A Counter Thesis


Bitmain
Bitmain (比特大陆) IPO: Running Out of Steam on Mining Rigs (Part 1)


Bitmain
Bitmain (比特大陆) IPO: Value At Risk of Founder's Belief (Part 2)


Bitmain
Bitmain (比特大陆) IPO: Take-Aways from Founder's Recent Speech at Tsinghua University (Part 3)


Bitmain
Bitmain (比特大陆) IPO: Intense Competition in the 7nm Mining ASIC Market (Part 4)


ByteDance
ByteDance (字节跳动) IPO: How Jinri Toutiao Paves The Way for a Bigger Empire (Part 1)


ByteDance
ByteDance (字节跳动) IPO: Tiktok the No.1 Short Video App for a Good Reason (Part 2)


China East Edu
China East Education (中国东方教育) Pre-IPO - The Company Known for Its Culinary School


China Tobac
China Tobacco International (IPO): The Monopolist Will Not Recover


China Tobac
China Tobacco International IPO: Heavy Regulation, Declining Margins – A Bit Late to IPO Party


China Tobac
China Tobacco Intl (HK) IPO: Proxy For the Chinese Cigarette Consumption


Frontage
Frontage Holding (方达控股) IPO: More Disclosure Needed to Understand Moat and Growth Prospect


Hujiang Edu
Hujiang Education (沪江教育) Pre-IPO - Spending More than It Earns


MicuRx
MicuRx Pharma (盟科医药) IPO: Betting on Single Drug in the Not so Attractive Antibiotic Segment


SH Henlius
Shanghai Henlius (复宏汉霖) IPO: Not an Impressive Biosimilar Portfolio 


SH Henlius
HLX02: Innovation Could Overtake 


Tubatu
Tubatu Group Pre-IPO - Performing Better than Qeeka but Growing Much Slower, US$1bn a Stretch


Tubatu
Tubatu Group Pre-IPO - Online -&gt; Online + Offline -&gt; Online -&gt; ?


Viva Bio
Viva Biotech (维亚生物) IPO: When CRO Becomes Early Stage Biotech Investor

South Korea

Ecopro BM
Ecopro BM IPO Preview: The World's #2 Player in the NCA High Nickel-Based Cathode Materials


Ecopro BM
Ecopro BM IPO: Valuation Analysis


KMH Shilla
KMH Shilla Leisure IPO Preview (Part 1) - Highly Profitable Operator of Public Golf Courses in Korea


KMH Shilla
KMH Shilla Leisure IPO Preview (Part 2) - Valuation Analysis


Homeplus
Homeplus REIT IPO - The Largest Ever REIT IPO in Korea


Hyundai Autoever
Hyundai Autoever IPO Preview


Hyundai Autoever
Hyundai Autoever IPO Pricing: Likely to Be a Dull Event Given No Growth Story &amp; Glovis Merger


Plakor
Plakor IPO Preview (Part 1)


Zinus
Zinus IPO Preview (Part 1) - An Amazing Comeback Story (#1 Mattress Brand on Amazon)

India

Anmol Ind
Anmol Industries Pre-IPO Quick Take - No Growth, Generous Payments to Founders


Bharat Hotels
Bharat Hotels Pre-IPO - Catching up with Peers 


CMS Info
CMS Info Systems Pre-IPO Review - When a PE Sells to Another PE... Only One Gets the Timing Right


Crystal Crop
Crystal Crop Protection Pre-IPO - DRHP Raises More Questions than in Answers


Embassy REIT
Embassy Office Parks REIT - Good Assets but Projections Might Be a Tad Too Bullish


Flemingo 
Flemingo Travel Retail Pre-IPO - Its a Different Business in Every Country


NSE
NSE IPO Preview- Not Only Fast..its Risky and Expensive


NSE
National Stock Exchange Pre-IPO Review - Bigger, Better, Stronger but a Little Too Fast for Some


Mazagon Dock
Mazagon Dock IPO Preview: A Monopoly Submarine Yard in India with Captive Navy Spending


Mrs. Bector
Mrs. Bectors Food Specialities Pre-IPO Quick Take - Sales for Its Main Segment Have Been Sta


Lodha
Lodha Developers Pre-IPO - Second Time Lucky but Not Really that Much Affordable


Lodha
Lodha Developers IPO: Large Presence in Affordable Segment Saves Lodha the Blushes in a Sluggish Mkt


IndiaMart
IndiaMART Pre-IPO - Getting and Retaining Subscribers Seems to Be Difficult


Polycab
Polycab India Limited Pre-IPO - Market Leader with Steady Growth but with a Few Unanswered Question

The U.S.

Tiger
Up Fintech (Tiger Brokers) Pre-IPO Quick Note - Much Too Reliant on IBKR

Malaysia

QSR
QSR Brands Pre-IPO - As Healthy as Fast Food



ECM Weekly (2 March 2019) - Futu, Tiger Brokers, China Risun, China Tobacco, Zhejiang New Century

Asia Pac IPO & Placement Research, China biotech, Aequitas Research

Ke Yan, CFA, FRM

Asia Pac IPO & Placement Research, China biotech

China Risun Group  / Equity Capital Markets

<p>China Risun, a leading coking coal refining player in China, is seeking up to USD 243 million via a listing in Hong Kong. In this insight, we will discuss the following topics:</p>
<ul>
<li>Company's business and the value chain of coking coal</li>
<li>Industry backdrop of the coking coal processing industry in China</li>
<li>Shareholders and investors</li>
<li>Thoughts on valuation</li>
</ul>

China Risun, a leading coking coal refining player in China, is seeking up to USD 243 million via a listing in Hong Kong. In this insight, we will discuss the following topics:

Company's business and the value chain of coking coal
Industry backdrop of the coking coal processing industry in China
Shareholders and investors
Thoughts on valuation


China Risun (中国旭阳) IPO Quick Note: Past the Peak of Coking Cycle

China

China Risun Group Limited produces and sells chemical products. The Company manufactures and sells carbon materials, alcohol-ether products, aromatic products, and other products. China Risun Group markets its products primarily throughout China with limited overseas.

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China Risun Group (1907 HK)

ECM Weekly (2 March 2019) - Futu, Tiger Brokers, China Risun, China Tobacco, Zhejiang New Century

Aequitas Research puts out a weekly update on the deals that have been covered by Smartkarma Insight Providers recently, along with updates for...

Zhen Zhou, Toh

China Risun (中国旭阳) IPO Quick Note: Past the Peak of Coking Cycle

China Risun, a leading coking coal refining player in China, is seeking up to USD 243 million via a listing in Hong Kong. In this insight, we will...

Ke Yan, CFA, FRM

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)